SRTY vs. TZA
SRTY (ProShares UltraPro Short Russell2000) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds tracking the Russell 2000 Index (-300%), from ProShares and Direxion respectively. Both are passively managed. Over the past 10 years, SRTY returned -43.88%/yr vs -43.35%/yr for TZA. With a 1.00 correlation, they move nearly in lockstep. SRTY charges 0.95%/yr vs 1.11%/yr for TZA.
Performance
SRTY vs. TZA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SRTY having a -42.78% return and TZA slightly higher at -42.59%. Both investments have delivered pretty close results over the past 10 years, with SRTY having a -43.88% annualized return and TZA not far ahead at -43.35%.
SRTY
- 1D
- -2.70%
- 1M
- -12.83%
- YTD
- -42.78%
- 6M
- -43.96%
- 1Y
- -68.52%
- 3Y*
- -45.90%
- 5Y*
- -31.49%
- 10Y*
- -43.88%
TZA
- 1D
- -2.73%
- 1M
- -12.86%
- YTD
- -42.59%
- 6M
- -43.80%
- 1Y
- -68.39%
- 3Y*
- -45.37%
- 5Y*
- -30.81%
- 10Y*
- -43.35%
SRTY vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRTY ProShares UltraPro Short Russell2000 | -42.78% | -40.55% | -32.91% | -42.02% | 28.99% | -51.67% | -80.61% | -53.83% | 23.37% | -38.31% |
TZA Direxion Daily Small Cap Bear 3X Shares | -42.59% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between SRTY and TZA is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 1.00 |
The correlation between SRTY and TZA has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
SRTY vs. TZA — Risk / Return Rank
SRTY
TZA
SRTY vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SRTY | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.20 | -1.20 | 0.00 |
Sortino ratioReturn per unit of downside risk | -2.26 | -2.25 | 0.00 |
Omega ratioGain probability vs. loss probability | 0.76 | 0.76 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.00 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.52 | -1.52 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SRTY | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.20 | -1.20 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.46 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.63 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | -0.71 | +0.02 |
Drawdowns
SRTY vs. TZA - Drawdown Comparison
The maximum SRTY drawdown since its inception was -100.00%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SRTY and TZA.
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Drawdown Indicators
| SRTY | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -67.42% | -67.28% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -88.56% | -88.34% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -91.18% | -90.83% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -99.71% | -0.03% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -93.78% | -98.00% | +4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.29% | 45.20% | +0.09% |
Volatility
SRTY vs. TZA - Volatility Comparison
ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA) have volatilities of 16.76% and 16.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRTY | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.76% | 16.58% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 40.76% | 40.62% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.04% | 56.90% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.42% | 67.42% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.34% | 68.91% | -0.57% |
SRTY vs. TZA - Expense Ratio Comparison
SRTY has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
SRTY vs. TZA - Dividend Comparison
SRTY's dividend yield for the trailing twelve months is around 9.55%, more than TZA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SRTY ProShares UltraPro Short Russell2000 | 9.55% | 6.87% | 9.40% | 4.93% | 0.17% | 0.00% | 0.95% | 2.13% | 0.70% | 0.04% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.00% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, SRTY and TZA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SRTY has higher volatility (16.76%) compared to TZA (16.58%). In terms of maximum drawdown, SRTY dropped -100.00% vs TZA's -100.00%.
On 10-year performance, TZA leads with -43.35% vs -43.88% for SRTY. On fees, SRTY is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 16.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TZA has performed better with a -43.35% return vs -43.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRTY is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
SRTY has the higher dividend yield at 9.55%, compared with 5.00% for TZA.
Both ETFs track Russell 2000 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SRTY and 1.11% for TZA.
SRTY currently has the higher Sharpe Ratio (-1.20 vs -1.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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